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Hicks' thread (out of the equilibrium labyrinth)

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  • Bianco, Antonio

Abstract

The work of John Hicks is an unending source of inspiration for many economists and an unsolved dilemma for most historians of economic thought. In these pages, a reconstruction of the continuity principle, the red thread of his evolution as a theorist is proposed. Hicks’ research was inspired by a program of analyzing a process of change from an out-of-equilibrium perspective. Non-measurable risk and the time-to-build being the natural issues at stake in actual economic behavior, he made the transaction costs the kingpin of his technique of thinking. These allowed him to dispense with any essential reference to equilibrium conditions and to revolve around the sequential relationship of learning and planning, which lays at the core of his “Continuation theory”. In fixing its building blocks, he was primed to allow for equilibrium assumptions as far as a vantage point on out-of-equilibrium dynamics was attainable.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 54402.

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Date of creation: Jan 2013
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Handle: RePEc:pra:mprapa:54402

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Keywords: Non-measurable risk; Change; Transaction costs; Microfoundations;

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  1. Burmeister, Edwin, 1974. "Synthesizing the Neo-Austrian and Alternative Approaches to Capital Theory: A Survey," Journal of Economic Literature, American Economic Association, vol. 12(2), pages 413-56, June.
  2. Hicks, John, 1990. "The Unification of Macro-economics," Economic Journal, Royal Economic Society, vol. 100(401), pages 528-38, June.
  3. Hicks, John, 1989. "A Market Theory of Money," OUP Catalogue, Oxford University Press, number 9780198287247.
  4. Hicks, John R [Sir], 1973. "Recollections and Documents," Economica, London School of Economics and Political Science, vol. 40(157), pages 2-11, February.
  5. Hicks, John R, 1974. "Capital Controversies: Ancient and Modern," American Economic Review, American Economic Association, vol. 64(2), pages 307-16, May.
  6. Amendola, Mario & Gaffard, Jean-Luc, 1998. "Out of Equilibrium," OUP Catalogue, Oxford University Press, number 9780198293804.
  7. Jones, Robert A & Ostroy, Joseph M, 1984. "Flexibility and Uncertainty," Review of Economic Studies, Wiley Blackwell, vol. 51(1), pages 13-32, January.
  8. Hicks, J R, 1970. "A Neo-Austrian Growth Theory," Economic Journal, Royal Economic Society, vol. 80(318), pages 257-81, June.
  9. Hicks, John, 1977. "Economic Perspectives: Further Essays on Money and Growth," OUP Catalogue, Oxford University Press, number 9780198284079.
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